Commentary: Looking For Growth In All The Wrong Places

Many advocates of privatizing Social Security have bigger ideas in mind than just fixing the system's financing. Their goal is to force households to save more for retirement and thus raise the personal-savings rate, which has fallen to around 5% from 8% in the 1970s. They argue that juicing up savings would make the U.S. a richer nation in the 21st century--and make the burden of an aging population more tolerable. Act now, says Boston University economist Laurence J. Kotlikoff; "The longer you wait, the deeper the hole you dig."

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